Two problems solved! Praise the Lord !!!!!

AMERICAN PAYROLL ASSOCIATION
Compliance Update

Social Security Wage Base Remains at $106,800 in 2010 The Social Security Administration (SSA) announced on Thursday, October 15, 2009, that the 2010 social security wage base will be $106,800, unchanged from 2009. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore all covered wages are still subject to the 1.45% tax.

The FICA tax rate, which is the combined social security tax rate of 6.2% and the Medicare tax rate of 1.45%, remains at 7.65% for 2010. The maximum social security tax employees and employers will each pay in 2010 is $6,621.60. This is unchanged from the 2009 maximum.

The social security wage base for self-employed individuals in 2010 will also be $106,800. There is no limit on covered self-employment income that will be subject to the Medicare tax. The self-employment tax rate remains 15.3% (combined social security tax rate of 12.4% and Medicare tax rate of 2.9%). In 2010, the maximum social security tax for a self-employed individual will be $13,243.20. This is unchanged from the 2009 maximum.

The growing number of people making over $106,000 is growing at such a fast rate that it is hard to obtain any hard facts or numbers. Beibg a Christian man I believe that it is the duty of the wealthy to help the poor and middle class in retirement. Didn't Christ mention that it would be hard for a wealthy man to get into Heaven?  For the good of the souls of Wealthy Americans I ask for this cap to be moved to at least the $5,000,000 figure ,therefor allowin g many more of the wealthy to enter the gates of Heaven while at the same time helping SSI and Medicare keep up with todays costs. Two problems solved.